Mortgage Bankers Association Index Rose
March 8, 2010
The Mortgage Bankers Association said its seasonally adjusted index of mortgage applications for the week ending February 26 rose 14.6% to approximately 629.9. Purchase volume increased 9% to 214.5. Refinancing applications jumped 17.2% to 3,054.3.
Consumer spending did indeed rise 0.5% to approximately $52.4 billion in January, slightly more than economists had anticipated. Personal income had increased 0.1% to right at $11,400,000,000 billion.
The Institute for Supply Management reported that the monthly index of manufacturing activity was 56.5 in February after reaching 58.4 during January. Nevertheless, it was the seventh straight month of expansion. A reading above 50 generally signals expansion.
The Commerce Department reported that total construction spending fell 0.6% in January after falling 1.2% during the month of December. Economists had expected a decrease of 0.7%.
The monthly index of non-manufacturing activity rose to 53 in February from 50.5 in the month of January. A reading above 50 usually signals expansion. Economists had anticipated a reading of 51. The reading was the highest since October 2007.
The National Association of Realtors reported that its pending home sales index, a forward-looking indicator based on signed contracts, fell 7.6% in January after a revised 0.8% increase in December.
The Labor Department reported productivity rose at an annual rate of 6.9% for our fourth quarter. Labor costs fell at an annual rate of 5.9%.
Factory orders rose approximately 1.7% in January, slightly below the 1.8% increase economists had anticipated. It was the fifth straight gain and follows a 1% increase in December.
The unemployment rate held at approximately 9.7% during February. Employers cut approximately 36,000 jobs in February, far fewer than expected. The four-week average for continuing jobless claims fell 134,000 to 4.500,000 million jobless claims.
Upcoming on the economic calendar are reports on wholesale trade on March 10, international trade on March 11 and retail sales on March 12
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4 Comments to Mortgage Bankers Association Index Rose
Comments
Very important information to be aware of for real estate investors.
Overall that’s really good news, i guess. We won’t let the depression bring us down. Recovery is on the way in lots of industries and others will follow.
.-= Homes for Sale´s last blog ..Homes for sale =-.
The Commerce Department reported that total construction spending fell 0.6% in January after falling 1.2% during the month of December. Economists had expected a decrease of 0.7%.
Australian Detox
.-= Detox´s last blog ..Silver Edition AGi =-.
Very interesting information. Good post on the Tulsa market.
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